A US-based shareholder in Australian slot machine supplier Ainsworth Game Technology has accused the company of deliberately devaluing its own stocks, possibly in order to facilitate a full sale to its parent firm, Austrian giant Novomatic.
Speaking with the Australian Financial Review over the weekend, David Kanen of Kanen Wealth Management – which holds around 8 million Ainsworth shares, stated his belief that the business was “severely undervalued” after Ainsworth CEO Harald Neumann told investors a secondary listing in the United States was not an option.
“I believe our CEO talked the stock down,” Kanen said. “By limiting themselves to being in obscurity, solely on the Australian exchange … they’re missing a much bigger sized audience.”
